The Social Security and National Insurance Trust (SSNIT) disbursed GHȼ450.07 million to 251,576 pensioners for September 2024.
The payments, made on September 19, 2024, cover pension benefits under PNDC Law 247 and Act 766.
SSNIT reported that the highest monthly pension under PNDC Law 247 amounted to GHȼ186,777.58, while under Act 766, the highest was GHȼ26,509.66.
The lowest monthly pension for existing pensioners was GHȼ409.10, and the minimum monthly pension for new pensioners was GHȼ300.00.
For the month of September, 996 more pensioners benefited from the disbursed total of GH¢450 million, which is higher than the August beneficiaries’ number.
SSNIT pensioners can access their benefits from their respective banks.
The next pension payment is scheduled for October 17, 2024.
This payout underscores SSNIT’s ongoing commitment to providing financial security to retirees across the country. It encourages workers to plan for their retirement and secure full benefits.
About SSNIT
The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766. The trust is tasked with administering Ghana’s Basic National Social Security Scheme, which is the First Tier of the Three-Tier Pension Scheme.
The primary responsibility of the Trust is to replace part of the lost income of workers in Ghana due to Old Age, Invalidity, or Death of a member, where dependants receive a lump sum payment. It is also responsible for the payment of Emigration benefits to a non-Ghanaian member who is leaving Ghana permanently.
The Pension Scheme, administered by SSNIT, had an active membership of over 1.6 million as of January 2021, with over 226,000 pensioners who regularly receive their monthly pensions from SSNIT.
It was established in 1972 under NRCD 127 to administer the National Social Security Scheme. Before 1972, the Scheme was administered jointly by the then Department of Pensions and the State Insurance Corporation.
The Trust administered the Social Security Scheme as a Provident Fund Scheme until 1991. It was then converted to a Social Insurance Pension Scheme then governed by the PNDC law 247. The scheme in Ghana was reformed by an Act of Parliament, Act 766 of 2008 and was implemented in January 2010 to replace all pension schemes in Ghana including Cap 30.
In 2014, the National Pensions (Amendment) Act 883 was passed to amend portions of Act 766. The SSNIT Scheme provides income security for every worker in Ghana, including the self-employed.
